HIGHLIGHTS

Stretching Industry boundaries in the digital era

Our technology vision for 2015 shows how insurers can harness digital technology to reshape markets and redefine roles in a "We Economy."​

Overview

Today’s forward-thinking insurers are doing more than talking a good digital game. They are fundamentally changing how they think about their businesses and quickly mastering the shift from “me” to “we.”

Personalizing pricing and products, reducing claims fraud, streamlining the claims process, better responding to the needs of individual customers and customer segments—these are just the beginning for insurance pioneers as they seize the opportunities of emerging digital technologies.

Increasingly, they see their businesses, employees and customers as a living, breathing digital fabric that offers unprecedented opportunity to establish beachheads in new markets, drive profits and change stakeholders’ lives for the better.

Through the transformational power of this fabric, or network, we’re witnessing the birth of a new era of “digital ecosystems” as insurers combine their industry expertise with the power of digital technology to reshape their markets.

Key trends

The Internet of Me: Our world, personalized

As everyday objects are going online, so too are experiences—creating an abundance of digital channels that reach deep into every aspect of individuals’ lives. Forward-thinking insurers are changing the ways they build new applications, products, and services. To gain control over these points of access, they are creating highly personalized experiences that engage consumers and meet their rising expectations—without breeching the customer’s trust.

Outcome Economy: Hardware producing hard results

Leading insurers are using highly connected hardware components to give customers what they really want: not more products or services, but more meaningful outcomes. These “digital disrupters” know that getting ahead is no longer about selling things—it’s about selling results. Welcome to the “outcome economy”.

The Platform (R)evolution: Defining ecosystems, redefining industries

Platform-based companies are capturing more of the digital economy’s opportunities for strong growth and profitability. Rapid advances in cloud and mobility are not only eliminating the technology and cost barriers associated with such platforms, but also opening up this new playing field to enterprises across industries and geographies. That means insurers must decide today where they will carve out a place from themselves in tomorrow’s ecosystems.

Intelligent Enterprise: Huge data, smarter systems—better business

The next level of operational excellence and the next generation of software services will both emerge from the latest gains in software intelligence. With an influx of big data—and advances in processing power, data science, and cognitive technology—software intelligence is helping machines to make even more, better-informed decisions.

Workforce Reimagined: Collaboration at the intersection of humans and machines

Advances in natural interfaces, wearable devices, and smart machines will present new opportunities for insurers to empower their workers through technology. Successful insurers will recognize the benefits of human talent and intelligent technology working side by side—and they will embrace them both as critical members of the reimagined workforce.

How to sum it all up? It’s not just about you—or me, or any person or organization in particular. It’s about everyone in the insurance ecosystem creating value together—the “We Economy”.

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